German business confidence improved in line with expectations this month to hit the highest level since April 2012, industry data showed on Wednesday.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 109.5 in December, in line with forecasts and up from a reading of 109.3 in November.
The Current Assessment Index fell to 111.6 in December from 112.2 in November, confounding expectations for an increase to 112.5.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, improved to 107.4 this month from 106.4 in November, above forecasts for a reading of 106.5.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
Following the release of the data, the euro was little changed against the U.S. dollar, with EUR/USD inching up 0.01% to trade at 1.3768.
Meanwhile, European stock markets remained mildly higher after the open. The EURO STOXX 50 rose 0.4%, France’s CAC 40 added 0.4%, London’s FTSE 100 eased up 0.4%, while Germany''s DAX tacked on 0.6%.
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